Laboratories need high-quality lab accessories to deliver consistent, accurate, and quick results. Research institutes and hospitals are focusing on automating their testing laboratories. Lab automation will save time and cost; hence, they are used in diagnostics, combinatorial chemistry, large-scale bio-repositories, screening, and analytical testing. Lab accessories are portable and user-friendly thus they can be used at home, clinics, ambulance, and hospitals.

Rising preferences of the lab accessories by the scientists and researchers for the research and development activities give rise to the demand of the lab accessories in the global market. Research and development activities are performed to enhance the efficiency of drugs, liquid handling, polymerase & purification chain reactions, high-throughput screening, and drug discovery all these procedures require lab accessories for support; thus increasing its demand. Technological advancements reduce the chance of error and provide maximum efficiency. The rising demand for lab automation is expected to boost the market in the near future. Lab automation is used in analytical testing, large-scale biorepositories, screening, diagnostics, and combinatorial chemistry which reduces both the time and cost.

Global Lab Accessories Market: Segmentation

The lab accessories market is segmented globally based on the end-use and product types. The end-use segment is classified into hospitals & private laboratories, research institutes, OEMS, academic institutes, and biotechnology & pharmaceutical companies. The research institutes hold the largest market share which is followed by hospitals & private laboratories. Based on product type, the lab accessories market is segregated into pipettes, label printers, tubings, reagent reservoirs, microplates, wash stations, pumps, and valves. The microplates are further sub-segmented into microplate storage racks, well stand, and well orienters. The wash stations segment is the dominating segment among others owing to the increasing need for efficient & effective research and lab accessories.

Geographically, the lab accessories market is diversified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The presence of a large number of hospitals & research institutes developed healthcare infrastructure, and strong R&D initiatives being carried out in the North America region is expected to drive the market growth. This region has swiftly adopted technologically advanced products, which is positively impacting the market. Implementation of various acts and policies such as Affordable Care Act and NIH's Big Data to Knowledge initiative in the region is influencing the market growth. Europe holds the second place owing to favorable government regulations and investments for the development of the healthcare sector. Asia Pacific is also contributing lucrative growth opportunities for the market due to the active government bodies in the healthcare sector, huge investment by investors, and rapidly improving healthcare infrastructure.